Waterford Grove Apartments

For Sale

3125 Crestdale Drive, Houston, TX 77080

This Houston property for sale is located at 3125 Crestdale Drive. The current listed sale price for Waterford Grove Apartments is $83,000,000.

Contacts

broker
Joe French

broker
Brandon Bean

Avison Young - US - TX - Houston

Property Details

  • Property Type Other
  • Property Size 65,630 SF
  • Units 584
  • Additional Rent Contact for pricing
  • Year Built 1973
  • Date Updated Dec 17, 2024

Avison Young’s U.S. Multifamily Team, as the exclusive advisor to the current owner (“Current Owner”), is pleased to present the opportunity to acquire the Waterford Grove Apartments (“the Property”), located at 3125 Crestdale Drive in the Spring Branch submarket of northwest Houston, Texas. The Property was constructed in 1973 and originally comprised of 552 units spread across 100 buildings with 574 surface parking spaces and 79 covered parking spaces.

The Current Owner purchased the property in 2021 as a Co-GP and provided GP equity and balance sheet support to the Operating GP. The Property underwent a renovation and unit conversion plan that increased the number of units to 584 and experienced strong lease-up post completion. In early 2023, the Owner/Seller discovered Issues with the existing property management company resulting in tenants without proper background checks and poor credit which led to higher-than-expected delinquency. The Current Owner stepped in and took control of the Property from the Operating GP, replaced the property management company, cleaned-up the rent roll, and returned the Property on its path to stabilization. Waterford Grove is an opportunity to acquire an asset with excellent leasing momentum that is quickly approaching stabilization. Since May 2023, the Property has signed 192 new leases (avg. 34 move-ins per month) and monthly rental income has increased by $79,000.

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Highlights

  • - Houston is one of the top five live, work, play cities in the U.S.
  • - The diverse local economy generated 70,000 new jobs in 2023
  • - A pro-business environment and no income tax draws 100 net new residents/day
  • - 33.5 units / month leasing rate (Sept. Dec. 2023)
  • - In-Place rents are currently 19.7% below the top rents in the competitive set
  • - A supply constrained market against surging multifamily demand will maintain upward pressure on occupancy and rents

Getting around

  • 50/100

    Walk Score ®

  • 34/100

    Transit Score ®

  • 52/100

    Bike Score ®

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Location

  • City Houston, TX
  • Neighborhood Spring Shadows
  • Zip Code 77080
  • Market Houston

Points of Interest

  • Northline Transit Center/HCC

    9.34 miles

  • Melbourne/North Lindale

    9.63 miles

  • Lindale Park

    9.72 miles

  • Cavalcade

    9.84 miles

  • Murphy USA

    0.84 miles

  • Chevron

    0.86 miles

  • H-E-B Fuel

    0.90 miles

  • Texaco

    0.98 miles

  • Phillips 66

    0.98 miles

  • Valero

    0.99 miles

  • Super K

    1.09 miles

  • Houston, TX - Northwest Freeway Supercharger

    3.31 miles

  • Blink

    4.25 miles

  • Siemens

    4.37 miles

  • Village Towers Parking Garage

    2.59 miles

  • Memorial City Mall Overflow Parking

    2.93 miles

  • Memorial City Plaza Parking Garage

    3.04 miles

  • West Little York Park & Ride

    3.65 miles

  • Shell Woodcreek Garage 1

    4.85 miles

  • WFT parking

    5.18 miles

  • Northwest Transit Center Parking

    5.27 miles

  • Omni Houston Hotel Parking Garage

    5.94 miles

  • West Sports Complex Parking Lot

    6.53 miles

  • Schlumberger Parking Garage

    6.57 miles

  • Residence Inn Houston West/Beltway 8 at Clay Road

    1.46 miles

  • La Quinta Inn & Suites Houston West at Clay Road

    1.93 miles

  • Four Points by Sheraton Houston West

    1.95 miles

  • Holiday Inn & Suites Houston West - Westway Park

    1.95 miles

  • Comfort Suites Houston West at Clay Road

    2.31 miles

  • Homewood Suites By Hilton Houston Memorial

    2.31 miles

  • Courtyard Houston I-10 West/Memorial

    2.35 miles

  • Extended Stay America

    2.43 miles

  • Comfort Inn

    2.43 miles

  • HomeTowne Studios Houston - Northwest

    2.48 miles

  • Thang Hung Food Market

    0.37 miles

  • El Ahorro

    0.50 miles

  • Seller's Brothers

    0.71 miles

  • ALDI

    0.84 miles

  • Kroger

    0.88 miles

  • H-E-B

    0.99 miles

  • El Ahorro Supermarket

    1.87 miles

  • Super H Mart

    1.97 miles

  • Nourish Market

    2.06 miles

  • TJ Maxx

    2.23 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Waterford Grove Apartments